The Section 184 loan is a unique mortgage benefit created under the Housing and Community Development Act of 1992 to provide homeownership advantages to members of federally recognized tribes looking to purchase a primary residence or refinance an existing mortgage. Eligible Oklahoma applicants are allowed to borrow up to $420,680. When buying a home, only a small down payment of only 2.25% is required. The monthly mortgage insurance is greatly discounted compared to other loan programs which reduces the monthly housing expense of the tribal member. Competitive interest rates are provided which reduce monthly payments. Section 184 loans have forgiving approval guidelines making it easier for the tribal member to qualify. Looking to refinance? The Section 184 program provides 3 options. The Reduced Document Streamline Refinance to decrease the interest rate of an existing Section 184 loan. The Standard Refinance to decrease the interest rate of an existing non-section 184 loan. And a Cashout Refinance to tap into the equity of your home to pay off debt, receive cash in hand, or remodel your house.